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View Promises →Goldiam International Limited — Q4 FY26
Goldiam International reported record FY26 results with consolidated revenue crossing ₹1,000 crore for the first time, reaching ₹1,212.3 crore (+27.5% YoY) and PAT of ₹175.9 crore (+45.7% YoY).
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Goldiam International reported record FY26 results with consolidated revenue crossing ₹1,000 crore for the first time, reaching ₹1,212.3 crore (+27.5% YoY) and PAT of ₹175.9 crore (+45.7% YoY). Q4 revenue grew 21% YoY to ₹2,433 million, with EBITDA margin at 23.9%. Growth was driven by strong US demand for lab-grown diamond jewelry, the hybrid casting model (US+India) which provides tariff immunity and margin expansion, and the ramp-up of the Origam retail chain (24 stores, targeting 45-50 by FY27 exit). Management guided for double-digit revenue growth in FY27 and expects margins to improve further. Key risks include competitive intensity in the Indian B2C lab-grown diamond market and potential execution challenges in scaling Origam stores to profitability.
गोल्डियम इंटरनेशनल ने वित्त वर्ष 2026 में शानदार नतीजे दिए। पहली बार कंपनी की कुल कमाई ₹1,000 करोड़ पार कर गई और ₹1,212.3 करोड़ हो गई, जो पिछले साल से 27.5% ज्यादा है। मुनाफा ₹175.9 करोड़ रहा, जो 45.7% बढ़ा। चौथी तिमाही में कमाई 21% बढ़कर ₹2,433 मिलियन हुई, और मुनाफा मार्जिन 23.9% रहा। यह वृद्धि अमेरिका में लैब-ग्रोन डायमंड ज्वेलरी की मजबूत मांग, अमेरिका और भारत में बनाने के मॉडल (जो टैरिफ से बचाता है और मार्जिन बढ़ाता है), और ओरिगम रिटेल चेन (24 स्टोर, लक्ष्य 45-50) के कारण हुई। कंपनी को अगले साल भी दोहरे अंकों में वृद्धि और मार्जिन में सुधार की उम्मीद है। जोखिमों में भारतीय बाजार में प्रतिस्पर्धा और ओरिगम स्टोर को मुनाफे में लाने की चुनौतियां शामिल हैं।
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Risks
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Risk Intelligence
Competitive intensity in Indian B2C lab-grown diamond market
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Read Transcript →Quarter Snapshot
Origam store count
24
+100% YoY
Origam doubled its store count to 24 operational stores across 12 cities since January 2026.
Order book
₹2,000 million
N/A
Order book position as on March 31, 2026 was approximately ₹2,000 million.
Lab-grown diamond jewelry export mix
88.3%
N/A
Lab-grown diamond jewelry contributed 88.3% to overall export sales mix in Q4 FY26.
Online revenue share
27.4%
N/A
Online revenue accounted for 27.4% of total revenue in Q4 FY26.
What Changed vs Last Quarter
NEW
Double-digit revenue growth in FY27
Management expects overall consolidated revenue to grow in double digits in FY27 over the high base of FY26.
NEW
Origam store count target of 45-50 by FY27 exit
Origam aims to have 45-50 company-owned stores by the end of FY27, with 8-10 more stores operational by September 2026.
NEW
Origam monthly revenue exit target of ₹7 crore
Origam targets an exit monthly revenue run rate of ₹7 crore for FY27.
NEW
Marketing spend of ₹4-4.5 crore in H1 FY27
Management plans to spend between ₹4 to ₹4.5 crore on marketing in the first half of FY27.
DROPPED
Origam store expansion: 24-26 stores by March 2026, additional 50 in H1 FY27
Company plans to open 12-14 more stores by end of FY26, reaching 24-26 operational stores, and 50 more in first half of next fiscal.
DROPPED
B2B revenue growth: confident of doubling in 3-5 years
Management expressed confidence in doubling B2B business over 3-5 years driven by wallet share gains and new geographies.
DROPPED
Origam store-level breakeven target with 2x inventory turn
Mature stores (3+ years) expected to achieve ₹40 lakh monthly sales and 2x inventory turnover, driving store-level profitability.
NEW RISK
Competitive intensity in Indian B2C lab-grown diamond market
Rising competition from new entrants in the lab-grown diamond jewelry space in India could pressure Origam's market share and margins.
NEW RISK
Execution risk in scaling Origam stores to profitability
With 12 of 24 stores opened in the last 60 days, achieving store-level break-even and overall profitability for Origam remains a key challenge.
NEW RISK
Dependence on top three US retailers
Increased concentration of revenue from top three US retailers poses a risk if any retailer reduces orders or shifts suppliers.
NEW RISK
Potential margin pressure from rising other expenses
Other expenses rose to 14% of revenue in Q4 due to one-offs; if such costs recur, margins could be impacted.
RISK GONE
Rapid store expansion execution risk
Aggressive Origam store rollout (50 stores in H1 FY27) may strain operational capabilities and working capital.
RISK GONE
Increased competition in Indian LGD retail
Titan's entry with 'Beyond' at lower price points could pressure margins and market share, though management sees it as category-expanding.
RISK GONE
Dependence on US market and tariff policy
While dual-casting mitigates tariffs, any change in US trade policy or consumer demand could impact B2B exports.
Fast read
Guidance and risk preview
Management expects overall consolidated revenue to grow in double digits in FY27 over the high base of FY26.
Rising competition from new entrants in the lab-grown diamond jewelry space in India could pressure Origam's market share and margins.
View Risks →